Country Financial Life Insurance Review

Standard life insurance sold through local agents

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Country Financial Life Insurance

Country Financial Life Insurance

Our Take 

Country Financial is a well-established financial company that offers term, whole, and universal life insurance in 19 states across the U.S. Country Financial Life Insurance policies offer standard coverage with additional riders available, but quotes are only available by speaking directly with a local agent. Country Financial policies may be a good option for those looking for local support, but we recommend getting a quote and comparing prices with other top-rated life insurance companies before choosing a policy.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Can borrow against cash value of some policies

  • Level premiums available for most policies

  • Mobile app available to manage policies

Cons
  • Not available in most states

  • Online quotes and applications not available

  • Universal policies don’t allow investing cash value

Key Takeaways
  • Country Financial is a long-standing life insurance provider with excellent financial strength.
  • Country Financial life insurance policies are underwritten by “Country Life Insurance,” a subsidiary company
  • Country Financial received far fewer complaints than its competitors, according to the NAIC.
  • Country Financial is only available in 19 states: Alaska, Alabama, Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nevada, North Dakota, Oklahoma, Oregon, Tennessee, Wisconsin, and Washington. 
Specifications
  • Year Founded 1925
  • Kinds of Plans Term, Whole, Universal
  • Number of Plans 3
  • Payment Options Monthly, Annual
  • Official Website https://www.countryfinancial.com/

Introduction

Country Financial Life Insurance offers term, whole, and universal life insurance in 19 states within the U.S. We researched Country Financial’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Country Financial Life Insurance with the competition. 

Company Overview

Country Financial Life Insurance was founded in 1925 in Illinois as Country Mutual Insurance Company and started offering life insurance in 1929. Policies are underwritten by subsidiary Country Life Insurance. As a mutual company, policyholders are considered the company’s owners and also share in the profits via annual dividends.

Country Financial offers term, whole, and universal life insurance policies through local agents. There are also several policy riders available to expand coverage and offer customization. Policy quotes are not available online and require speaking with an agent directly for policy rate details.

In addition to life insurance, Country Financial also offers a wide range of financial products including auto and property insurance, retirement accounts, and even college savings accounts. 

Although Country Financial Life Insurance is licensed in 19 states, actual availability varies by product and state. 

Country Financial also offers retirement accounts (IRAs and 401k accounts), annuities, and 529 college savings plans.

Available Plans 

Country Financial Life Insurance offers three types of life insurance plans including term, whole, and universal plans. Term plans offer basic coverage, while whole and universal plans offer lifetime coverage and a cash value benefit. 

Country Financial quotes and applications for coverage are offered through local agents, which can be found through its agent locator tool.

Term Life Insurance

Country Financial Life Insurance offers a standard term life insurance policy with term lengths of 10 to 30 years. Coverage is available from $50,000 to over $1,000,000. This policy has a wide range of riders available including a return of premium option for 20- and 30-year terms, refunding policy premiums paid if the insured outlives the policy.

This term life policy can be converted into a whole life policy at the end of the term.

Whole Life Insurance

Country Financial Life Insurance’s whole life plan is a type of permanent life insurance that offers lifetime coverage. This policy has a guaranteed cash value and level premiums throughout the life of the policy. The accumulated cash value can be borrowed against on a tax-free basis, though it does reduce the death benefit by the amount borrowed until fully repaid.

There are multiple payment options for the whole life policy:

  • 10-pay: Payments end after 10 years.
  • 20-pay: Payments end after 20 years.
  • Paid-up at 65: Payments end at age 65.
  • Paid-up at 95: Payments end at age 95.
  • Single premium: A single lump-sum premium payment.

Since Country Financial Life Insurance is a mutual company, whole life policyholders may also receive an annual dividend from excess company profits, which can be used to reduce premiums.

Universal Life Insurance

Country Financial Life Insurance offers universal life insurance with flexible insurance premiums and the ability to build cash value. According to Country Financial Life Insurance, the universal policy does not build as much cash value as a whole life policy but offers lower premiums. 

While universal life policies can provide lifetime coverage, the length of coverage lasts as long as premiums are paid up, or when the cash value of the account can cover the cost of the policy.

Available Riders

Country Financial Life Insurance offers access to a wide range of riders for its life insurance policies. A rider is an optional policy enhancement that adds benefits or additional coverage options to the insurance policies. Rider fees are typically billed as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected.

Accelerated Death Benefit Rider

Included with all policies, this rider pays a portion of the policy face value upon a qualifying chronic or terminal illness diagnosis.

Return of Premium Rider

Term life insurance policyholders that choose this rider may be eligible to have policy premiums paid over the life of the policy returned if they outlive the policy term.

Disability Waiver of Premium Rider

If you become permanently disabled and unable to work (before the age of 65), you may be eligible to have your premiums waived.

Guaranteed Insurability Rider

Available only on whole life policies, this allows the policyholder to purchase additional whole life insurance protection without a medical exam every three years between ages 22 and 43. 

Index Dividend Feature Rider

This rider allows the annual dividend on whole life policies to be invested in an interest-bearing account 

Children’s Term Rider

This rider offers level-term life insurance for your children from ages 0-17. Coverage is available up to $50,000 per child, and the policy can be converted to a whole life policy at age 23 without any additional medical exams.

Customer Service: Hours Not Listed

Country Financial Life Insurance offers support over the phone, online, or in person at one of its local offices. They also have an app to access your account on your mobile device. 

Country Financial Life Insurance customer service business hours are not listed online, but customers can call 1-866-268-6879 for assistance.  

Country Financial Life Insurance does not offer live chat support online.

Customer Satisfaction: Very Few Complaints

According to the National Association of Insurance Commissioners (NAIC) complaint index, Country Financial receives very few complaints. While an average complaint score is 1.0 (the lower, the better), Country Financial received a 0.08 score in 2020. This reflects one formal complaint for the entire year. There was only a single complaint in 2019 as well, and only two in 2018. Overall, Country Financial receives very few complaints compared to other companies its size.

J.D. Power also ranks companies based on customer satisfaction but did not include Country Financial in the U.S. 2020 Life Insurance Study.

Financial Strength: A+ (Superior)

Country Financial Life Insurance is a strong financial company with an A+ (Superior) rating from AM Best. This rating is based on its very strong balance sheet, strong operating performance, and overall risk management. This high rating from AM Best gives customers confidence in the financial stability of Country Financial and its ability to pay out claims as they arise.

Cancellation Policy: Standard Free-Look Period

Most states require a minimum “free-look” period for insurance policies. If a customer decides to cancel for any reason within that period, they will receive a full refund of premiums paid. Country Financial doesn’t advertise their free-look period, which means they adhere to the state minimum of 10-30 days (which varies by state).

After the free look period, cancellation terms vary. Country Financial Term life policies can be canceled at any time, but will not provide a refund of premiums paid. For whole and universal life policy cancellations, you will need to reach out to a Country Financial agent for specifics.

While whole and universal policies may provide a surrender of cash value refund, there may also be a surrender charge or other fees to cancel. Country Financial’s cancellation fees are not publicly listed and may vary per policy.

Price of Country Financial Life Insurance: Not Listed Online

Country Financial Life Insurance premiums vary by policy, and policy rates are not listed for term, whole, or universal life policies. Policy rates are highly personal and are determined by the applicant’s age, location, health status, smoking status, and family history. Most policies require a medical exam as well, which may affect rates.

You will need to reach out to a local Country Financial agent for exact quote details since they are not available online.

How Country Financial Life Insurance Compares to Other Life Insurance

Country Financial Life Insurance offers the standard life insurance options of term, whole, and universal life policies, but also has a wide range of riders for customization. Country Financial is a financially strong company with one of the top ratings from AM Best and receives very few complaints from customers.

That said, the company does not offer pricing online, making it difficult to compare prices with other life insurance companies. The universal policies are also fairly limited and don't offer any investing options. While Country Financial Life Insurance may be a good choice for some, here’s how it compares to another large insurer.

Country Financial Life Insurance vs. John Hancock Life Insurance

Both Country Financial and Amica Life Insurance offer a variety of life insurance policies including term, whole, and universal life policies. Both companies also offer annual dividends to some policyholders and have strong financial ratings from AM Best. But while Amica Life Insurance offers term quotes online, Country Financial requires that you speak with a local agent for a policy quote.

Here are a few key differences between Country Financial and Amica Life Insurance:

  • Country Financial Life Insurance offers unique riders, including index investing for whole life policies.
  • Amica Life Insurance Company offers 24/7 phone support.
  • Country Financial Life Insurance offers universal life insurance, while Amica does not
  • Amica offers no-exam term policies.

While Country Financial has universal life insurance and a variety of riders, Amica’s low-cost term insurance may benefit those looking for high coverage amounts at a competitive rate.

Read our full Amica Life Insurance review.

  Country Financial Life Insurance Amica Life Insurance Company 
Market Share N/A N/A 
Number of Plans  3
Online Quotes Available?  No Yes (term life only)
Service Method  Email, phone, in-person Email, phone, online chat, in-person 
AM Best Rating  A+ (Superior) A+ (Superior) 
Complaints Index  0.08 (excellent) 0.00 (excellent) 
Final Verdict

Country Financial offers a decent selection of life insurance policies with a wide range of riders for customized coverage. It shines when it comes to its whole life policies, with multiple payment plans and the ability to invest the annual dividends. It also has excellent customer service and financial ratings.

Country Financial Life Insurance does not offer online quotes, and all policies require speaking with a local agent to apply. Also, policies are only available in 19 states. If you are in the market for life insurance in one of the states that Country Financial services, it may be worth a look, but we also recommend comparing life insurance rates from other top-rated life insurance companies as well to find the best coverage for you.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.